Ontario Fosters New Opportunities with Trade Mission to Germany and Austria

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October 14, 2022

 

Renewed partnership with Baden-Württemberg will support economic collaboration

The Ontario government has concluded a successful trade mission to Germany and Austria to strengthen existing relationships with economic partners and attract new investments in key sectors, such as automotive, manufacturing and life sciences. This mission, led by Vic Fedeli, Minister of Economic Development, Job Creation and Trade, culminated in the renewal of Ontario’s long-standing partnership with the German state of Baden-Württemberg to support economic growth and prosperity in both jurisdictions.

“As part of our plan to build Ontario, our government is enhancing our partnerships with Germany and Austria to support new opportunities for people and businesses in Ontario,” said Minister Fedeli. “By working with our partners and friends around the world, we’re continuing to drive economic growth and job creation.”

A key outcome from the trade mission was the renewal of Ontario’s Memorandum of Understanding (MOU) with Baden-Württemberg. The new MOU will foster continued collaboration on key initiatives across a wide range of sectors, including automotive and electric vehicles. With more than one hundred Baden-Württemberg companies investing in Ontario and many Ontario companies investing in Baden-Württemberg, this timely renewal will help both jurisdictions continue to grow.

Ontario’s delegation also met with large multinationals in both countries between October 8 to 14 to showcase the province’s strengths as the innovation and manufacturing gateway to North America. This included a meeting with ITM Isotope Technology Munich (ITM), a German radiopharmaceutical company that leverages existing power reactors to produce medical isotopes. The attendees celebrated ITM’s partnership with Bruce Power, Isogen and the Saugeen Ojibway Nation to distribute an innovative, made-in-Ontario, potentially lifesaving medical isotope to treat certain cancers and tumours. Commercial production is expected to begin soon in Ontario.

Additional highlights included meetings with BMW Group, Mercedes-Benz, Volkswagen, Magna Stevr, Kapsch and ElringKlinger. The Ontario delegation also attended the Moving On Congress in Austria, which brought together 300 companies that have been working at the forefront of innovation in the mobility industry.

Ontario remains committed to adopting innovative and forward-thinking approaches to secure and grow the province’s advantages and position it as an attractive destination to invest and do business. With a talented workforce, state-of-the-art research and development facilities, award-winning manufacturing and access to an abundance of critical materials, the province continues to be one of the most competitive places for businesses to invest and grow.

Quick facts:

  • •Over the last two years, Ontario has attracted $16 billion in investments by global automakers and EV battery manufacturers. Ontario is currently the only place in North America where five major automakers, Honda, Toyota, Ford, General Motors and Stellantis, build vehicles. Ontario’s auto supply chain is comprised of more than seven hundred parts firms and more than five hundred tool, die and mold makers.
  • •In 2021, two-way trade between Ontario and Austria was valued at more than $1.1 billion and Austrian foreign direct investment was $589 million. There are 32 Austrian companies operating in Ontario.
  • •In 2021, two-way trade between Ontario and Germany totalled $12.7 billion and German foreign direct investment in Canada was $18.2 billion. There are 260 German companies operating in Ontario.
  • •With a GDP of $750 billion, Baden-Württemberg is the third-largest economy in Germany and is home to many well-known multinational enterprises, such as SAP, Daimler, and Porsche. More than one hundred companies from Baden-Württemberg have invested in Ontario.

Quotes:

“Canada is not only a strong partner for Baden-Württemberg in the hydrogen and fuel cell-based transformation of mobility, but also in issues of the future such as artificial intelligence and green technologies. That’s why we want to further intensify our partnership with Ontario in the future. A speedy ratification of CETA would be very welcome in this regard.”

– Dr. Nicole Hoffmeister-Kraut 
Minister of Economic Affairs, Labour and Tourism of the State of Baden-Württemberg

“Ontario is one of the regions strongly supporting and leading research and development efforts for radioisotopes and radiopharmaceutical therapies. As such, it was a pleasure to welcome Minister Fedeli and his delegation at ITM. We highly value the opportunity to discuss current and future perspectives of our strong business relations with Canada and Ontario-based companies in order to provide innovative cancer treatments to patients worldwide.”

– Steffen Schuster 
CEO of ITM Isotope Technologies Munich

“Bruce Power is proud to play a growing role in the international healthcare community through our production of medical isotopes, strengthening Ontario’s place in the global fight against cancer. We appreciate the Government of Ontario’s ongoing support of medical isotope development and our efforts to leverage Bruce Power’s facilities to provide a reliable, scalable production of isotopes to treat Canadians and people around the world with life-saving nuclear medicine and treatments.”

– Mike Rencheck 
Bruce Power’s President and CEO

Additional resources

Ontario’s Auto Industry

2022 Ontario Budget: Ontario’s Plan to Build

 

Source

 

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